2/23/25, 3:58 PM Promulgated Forms - Champions (2025) comprehensive questions and verified answers (detailed & elaborated) ACTUAL EXA…
Promulgated Forms - Champions (2025)
comprehensive questions and verified answers
(detailed & elaborated) ACTUAL EXAM 2025
TEST!!
Save
Terms in this set (186)
Mutual Consent "meeting of the minds"
A contract in which only one party is obligated to
unilateral contract
perform
consideration Something given in exchange for a promise
an agreement between a buyer and seller giving the
option buyer the right to purchase a property at a preset
price for a given period of time
A contract that cannot be enforced due to some
unenforceable contract
flaw or other issue in the contract
valid contract one that meets all requirements of law
is invalid from the beginning and does not affect the
void contract parties. A contract to perform an illegal act is a void
contract.
is one that cannot be enforced against one or more
voidable contract of the parties. Most contracts entered into with
minors are voidable at the option of the minor.
is one that cannot be enforced due to some flaw in
Unenforceable Contract the contract, passage of time, or other issues that
make enforcement impossible
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/23
,2/23/25, 3:58 PM Promulgated Forms - Champions (2025) comprehensive questions and verified answers (detailed & elaborated) ACTUAL EXA…
elements of a COLIC
valid/enforceable Competent parties, Offer and acceptance (mutual
contract parties), Legal purposes, In writing, Consideration
The general rule of law is that all parties to a
contract have read it and understand it
Competent parties
People w/o mental capacity to understand can have
a voidable contract, same with minors
is often referred to as a "meeting of the minds." For a
contract to exist, there must have been a meeting of
mutual consent
the minds (offer and acceptance) between the
parties.
A contract for an illegal purpose is void, and the law
treats the contract as if it were never created. An
example of a void contract would be one to have
legal purpose
somebody killed or to deliver illegal drugs. All
contracts must have a legal purpose in order to be
valid
in order to obey Statute of Frauds, leases for more
in writing
than 1 yr and real estate must be in writing
is defined as something given in exchange for a
promise. There is no requirement that the
consideration be in the form of money.
consideration
Consideration in a contract could be nothing more
than a promise made by one party in exchange for a
promise made by the other.
A contract that has not yet been fully performed.
executory contract The effective date is the date that acceptance was
(contract ready to be communicated to the offering party (i.e. seller
executed) accepted offer on Jan 3rd, buyer was told on jan 4th
of acceptance, effective date is 4th)
the contract has been the sale is closed
fully executed when..
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/23
, 2/23/25, 3:58 PM Promulgated Forms - Champions (2025) comprehensive questions and verified answers (detailed & elaborated) ACTUAL EXA…
A contract of sale between a buyer and seller is a
bilateral contract because both parties have made
bilateral contract promises; therefore, both parties have duties to
perform.
a promise for a promise
one person promises, one person acts.
i.e. a seller promises to hold a property when the
unilateral contract buyer gives an option. buyer can still choose not to
buy, but the seller must sell to buyer if they choose
to do it. seller is making the promise
A seller, in exchange for some form of consideration
(an option fee), gives the buyer the right to purchase
option
the property at some preset price and terms for a
period of time.
unilateral contract lacks mutuality
• Changes to the closing date
• Changes to the sales price, down payment and/or
amendments to the
amount financed
contract
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
to a contract is an attachment that adds or further
addendum
describes the rights and duties of the parties
of a contract transfers all of the rights related to the
assignment
contract to another party known as an assignee.
occurs when a new contract is substituted for an
novation
existing one
All states have a limitation of time in which an
individual may file suit in court for damages because
statute of limitations a party breached a contract.
2 years for oral contract
4 years for written
"out of time"
doctrine of laches Failure to file suit within the time allowed will result
in the party losing his or her contracted rights
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 3/23
Promulgated Forms - Champions (2025)
comprehensive questions and verified answers
(detailed & elaborated) ACTUAL EXAM 2025
TEST!!
Save
Terms in this set (186)
Mutual Consent "meeting of the minds"
A contract in which only one party is obligated to
unilateral contract
perform
consideration Something given in exchange for a promise
an agreement between a buyer and seller giving the
option buyer the right to purchase a property at a preset
price for a given period of time
A contract that cannot be enforced due to some
unenforceable contract
flaw or other issue in the contract
valid contract one that meets all requirements of law
is invalid from the beginning and does not affect the
void contract parties. A contract to perform an illegal act is a void
contract.
is one that cannot be enforced against one or more
voidable contract of the parties. Most contracts entered into with
minors are voidable at the option of the minor.
is one that cannot be enforced due to some flaw in
Unenforceable Contract the contract, passage of time, or other issues that
make enforcement impossible
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/23
,2/23/25, 3:58 PM Promulgated Forms - Champions (2025) comprehensive questions and verified answers (detailed & elaborated) ACTUAL EXA…
elements of a COLIC
valid/enforceable Competent parties, Offer and acceptance (mutual
contract parties), Legal purposes, In writing, Consideration
The general rule of law is that all parties to a
contract have read it and understand it
Competent parties
People w/o mental capacity to understand can have
a voidable contract, same with minors
is often referred to as a "meeting of the minds." For a
contract to exist, there must have been a meeting of
mutual consent
the minds (offer and acceptance) between the
parties.
A contract for an illegal purpose is void, and the law
treats the contract as if it were never created. An
example of a void contract would be one to have
legal purpose
somebody killed or to deliver illegal drugs. All
contracts must have a legal purpose in order to be
valid
in order to obey Statute of Frauds, leases for more
in writing
than 1 yr and real estate must be in writing
is defined as something given in exchange for a
promise. There is no requirement that the
consideration be in the form of money.
consideration
Consideration in a contract could be nothing more
than a promise made by one party in exchange for a
promise made by the other.
A contract that has not yet been fully performed.
executory contract The effective date is the date that acceptance was
(contract ready to be communicated to the offering party (i.e. seller
executed) accepted offer on Jan 3rd, buyer was told on jan 4th
of acceptance, effective date is 4th)
the contract has been the sale is closed
fully executed when..
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/23
, 2/23/25, 3:58 PM Promulgated Forms - Champions (2025) comprehensive questions and verified answers (detailed & elaborated) ACTUAL EXA…
A contract of sale between a buyer and seller is a
bilateral contract because both parties have made
bilateral contract promises; therefore, both parties have duties to
perform.
a promise for a promise
one person promises, one person acts.
i.e. a seller promises to hold a property when the
unilateral contract buyer gives an option. buyer can still choose not to
buy, but the seller must sell to buyer if they choose
to do it. seller is making the promise
A seller, in exchange for some form of consideration
(an option fee), gives the buyer the right to purchase
option
the property at some preset price and terms for a
period of time.
unilateral contract lacks mutuality
• Changes to the closing date
• Changes to the sales price, down payment and/or
amendments to the
amount financed
contract
• Repairs that the seller agrees to perform
• Removal or waiver of contingencies
to a contract is an attachment that adds or further
addendum
describes the rights and duties of the parties
of a contract transfers all of the rights related to the
assignment
contract to another party known as an assignee.
occurs when a new contract is substituted for an
novation
existing one
All states have a limitation of time in which an
individual may file suit in court for damages because
statute of limitations a party breached a contract.
2 years for oral contract
4 years for written
"out of time"
doctrine of laches Failure to file suit within the time allowed will result
in the party losing his or her contracted rights
https://quizlet.com/1009488087/promulgated-forms-champions-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 3/23
